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PHYSICAL FLOW: In the circular flow, the counter-clockwise transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The payment flow moves in the opposite direction. The physical flow, the physical movement of goods and services, is the foundation of the economy's circular flow. The fundamental problem of scarcity is addressed by physically transforming scarce resources into goods and services that are then used to satisfy wants and needs.
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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for rusty deck screws.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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QML
Quasi-Maximum Likelihood
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